Prices for new residential property in Qianhai are already nearly double that of Shenzhen, and could have further to go.

James Eden, a British expat living nearby, said: "At the moment the area is pretty undeveloped with lots of unfinished properties, but it's creating quite a buzz with the expected investment. There was a very big ceremony last month to showcase the project and that has attracted a lot of foreign interest.

"People are always looking at the next big thing, especially in the property market, and lots of pinning their hopes on Qianhai resembling Hong Kong in years to come."

Shahe Industry, a Shenzhen government-backed commercial property developer, has seen its share price hit its highest in more than a year on the back of hopes it will grab a share of the billions of investment in the pipeline.

But others are more sceptical. One Chinese-based property expert said: "At the moment there is a lot of speculation and excitement but so far this is still in the concept phase. We saw a huge property bubble develop recently in China which led to the severe property curbs we are witnessing now. Investors should be careful not to create another one."

Some properties on the development include 100 million-yuan houses (£10 million), most of which have been sold.

The most expensive homes cost 236,406 yuan (£23,600) per square metre, compared with £17,460 per square metre for a luxury apartment in Paris, or £14,890 per square metre in Manhattan.